What is a Purchase Contract?

What is the difference between buying a residential home and a condominium?

What is the legal procedure when I sell my property ?

What is the legal procedure when I purchase a property?

What is a Real Property Report?

What is a Compliance Certificate?

What items stay with the house?

What other costs will you have?

 

What is a Purchase Contract?

Generally speaking, when you sell or purchase a home, you will likely sign what is called a Real Estate Purchase Contract. This is the Standard Form used by real estate agents. Such a Contract includes the following key clauses:

·        Parties involved

·        Price

·        Deposit

·        Payment conditions

·        Additional conditions

·        Interest provisions

·        Possession date

·        Warranties and Representations

·        State of Title

·        Delivery of documents

·        Compliance

·        Forfeiture on default

·        Commission

You should review the Real Estate Purchase Contract with a lawyer before signing to ensure that you understand the terms of the contract and that any additional or special conditions you need to include are included. You can also obtain purchase contracts from a stationery store which may or may not include the key clauses shown above. If you choose to use this type of contract, you should review the Contract with a lawyer before signing.